Soybeans open down 8¢. Tuesday, February 14, 2023
At the open, corn is up 1⁄4 of a penny while soybeans are down 8¢.
CBOT wheat is down 4¢. KC wheat is down 2¢. Minneapolis wheat is down a penny.
Commodity Weather Group says parts of Argentina saw patchy storms in the past day, but stress is rebuilding to roughly 60% of Argentina by the end of week.
The group says the next rain chance in the late 11 to 15 day forecast will reach half or less of the corn and soybean acres.
“With the dry weather in Argentina and planting delays for the double-crop corn in Brazil, the total corn crop out of South America may end up less than last year’s small crop,” says Al Kluis with Kluis Commodity Advisors.
Live cattle are down 40¢. Lean hogs are up 70¢. Feeder cattle are down 20¢.
World Organisation for Animal Health (WOAH) announced Monday that Hong Kong has reported an outbreak of African swine fever on a farm near the border with mainland China, Reuters reports.
“Samples taken from a local pig farm tested positive for the virus and 45 pigs died because of the outbreak, WOAH said in a report, citing the Hong Kong authorities,” Reuters reports.
Crude oil is down $1.58.
S&P 500 futures are down 9 points. Dow futures are down 88 points.
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